A. Settlement Statement (HUD-1)HUD-1Page 1 of 3Previous ed.docx
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Dec 24, 2022
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About This Presentation
A. Settlement Statement (HUD-1)
HUD-1Page 1 of 3Previous edition are obsolete
B. Type of Loan
J. Summary of Borrower’s Transaction
100. Gross Amount Due from Borrower
C. Note:
400. Gross Amount Due to Seller
This form is furnished to give you a statement of actual settlement costs. Amo...
Slide Content
A. Settlement Statement (HUD-1)
HUD-1Page 1 of 3Previous edition are obsolete
B. Type of Loan
J. Summary of Borrower’s Transaction
100. Gross Amount Due from Borrower
C. Note:
400. Gross Amount Due to Seller
This form is furnished to give you a statement of actual
settlement costs. Amounts paid to and by the settlement agent
are shown. Items marked
“(p.o.c.)” were paid outside the closing; they are shown here for
informational purposes and are not included in the totals.
401. Contract sales price
106. City/town taxes to
to
to
to
to
HUD-1Page 1 of 3Previous edition are obsolete
B. Type of Loan
J. Summary of Borrower’s Transaction
100. Gross Amount Due from Borrower
C. Note:
400. Gross Amount Due to Seller
This form is furnished to give you a statement of actual
settlement costs. Amounts paid to and by the settlement agent
are shown. Items marked
“(p.o.c.)” were paid outside the closing; they are shown here for
informational purposes and are not included in the totals.
401. Contract sales price
106. City/town taxes to
to
to
to
to
to
to
to
to
to
to
to
406. City/town taxes
203. Existing loan(s) taken subject to 503. Existing loan(s)
taken subject to
212. Assessments 512. Assessments
302. Less amounts paid by/for borrower (line 220) 602. Less
reductions in amounts due seller (line 520)( ) (
)
213. 513.
214. 514.
215. 515.
216. 516.
218. 518.
217. 517.
219. 519.
to
to
to
to
to
to
406. City/town taxes
203. Existing loan(s) taken subject to 503. Existing loan(s)
taken subject to
212. Assessments 512. Assessments
302. Less amounts paid by/for borrower (line 220) 602. Less
reductions in amounts due seller (line 520)( ) (
)
213. 513.
214. 514.
215. 515.
216. 516.
218. 518.
217. 517.
219. 519.
102. Personal property
101. Contract sales price
402. Personal property
107. County taxes 407. County taxes
204. 504. Payoff of first mortgage loan
103. Settlement charges to borrower (line 1400) 403.
108. Assessments 408. Assessments
205. 505. Payoff of second mortgage loan
104. 404.
109. 409.
206. 506.
201. Deposit or earnest money 501. Excess deposit (see
instructions)
210. City/town taxes 510. City/town taxes
105.
1.
D. Name & Address of Borrower:
G. Property Location:
101. Contract sales price
402. Personal property
107. County taxes 407. County taxes
204. 504. Payoff of first mortgage loan
103. Settlement charges to borrower (line 1400) 403.
108. Assessments 408. Assessments
205. 505. Payoff of second mortgage loan
104. 404.
109. 409.
206. 506.
201. Deposit or earnest money 501. Excess deposit (see
instructions)
210. City/town taxes 510. City/town taxes
105.
1.
D. Name & Address of Borrower:
G. Property Location:
E. Name & Address of Seller: F. Name & Address of Lender:
I. Settlement Date:H. Settlement Agent:
Place of Settlement:
2. 3.FHA RHS Conv. Unins. 6. File Number: 7. Loan Number:
8. Mortgage Insurance Case Number:
VA Conv. Ins.4. 5.
405.
110. 410.
207. 507.
202. Principal amount of new loan(s) 502. Settlement charges to
seller (line 1400)
211. County taxes 511. County taxes
301. Gross amount due from borrower (line 120) 601. Gross
amount due to seller (line 420)
111. 411.
208. 508.
112. 412.
209. 509.
120. Gross Amount Due from Borrower 420. Gross Amount Due
to Seller
200. Amount Paid by or in Behalf of Borrower 500. Reductions
I. Settlement Date:H. Settlement Agent:
Place of Settlement:
2. 3.FHA RHS Conv. Unins. 6. File Number: 7. Loan Number:
8. Mortgage Insurance Case Number:
VA Conv. Ins.4. 5.
405.
110. 410.
207. 507.
202. Principal amount of new loan(s) 502. Settlement charges to
seller (line 1400)
211. County taxes 511. County taxes
301. Gross amount due from borrower (line 120) 601. Gross
amount due to seller (line 420)
111. 411.
208. 508.
112. 412.
209. 509.
120. Gross Amount Due from Borrower 420. Gross Amount Due
to Seller
200. Amount Paid by or in Behalf of Borrower 500. Reductions
In Amount Due to seller
Adjustments for items unpaid by seller Adjustments for items
unpaid by seller
220. Total Paid by/for Borrower 520. Total Reduction Amount
Due Seller
303. Cash 603. CashFrom ToTo Borrower From Seller
300. Cash at Settlement from/to Borrower 600. Cash at
Settlement to/from Seller
Adjustment for items paid by seller in advance Adjustment for
items paid by seller in advance
K. Summary of Seller’s Transaction
OMB Approval No. 2502-0265
The Public Reporting Burden for this collection of information
is estimated at 35 minutes per response for collecting,
reviewing, and reporting the data. This agency may not
collect this information, and you are not required to complete
this form, unless it displays a currently valid OMB control
number. No confidentiality is assured; this disclosure
is mandatory. This is designed to provide the parties to a
RESPA covered transaction with information during the
settlement process.
HUD-1Page 2 of 3Previous edition are obsolete
L. Settlement Charges
Adjustments for items unpaid by seller Adjustments for items
unpaid by seller
220. Total Paid by/for Borrower 520. Total Reduction Amount
Due Seller
303. Cash 603. CashFrom ToTo Borrower From Seller
300. Cash at Settlement from/to Borrower 600. Cash at
Settlement to/from Seller
Adjustment for items paid by seller in advance Adjustment for
items paid by seller in advance
K. Summary of Seller’s Transaction
OMB Approval No. 2502-0265
The Public Reporting Burden for this collection of information
is estimated at 35 minutes per response for collecting,
reviewing, and reporting the data. This agency may not
collect this information, and you are not required to complete
this form, unless it displays a currently valid OMB control
number. No confidentiality is assured; this disclosure
is mandatory. This is designed to provide the parties to a
RESPA covered transaction with information during the
settlement process.
HUD-1Page 2 of 3Previous edition are obsolete
L. Settlement Charges
700. Total Real Estate Broker Fees
800. Items Payable in Connection with Loan
900. Items Required by Lender to be Paid in Advance
1000. Reserves Deposited with Lender
1100. Title Charges
1200. Government Recording and Transfer Charges
1300. Additional Settlement Charges
702. $ to
to
802. Your credit or charge (points) for the specific interest rate
chosen
902. Mortgage insurance premium for months to
1002. Homeowner’s insurance months @ $ per
month $
1102. Settlement or closing fee
1202. Deed $ Mortgage $ Release $
1302.
701. $
801. Our origination charge
800. Items Payable in Connection with Loan
900. Items Required by Lender to be Paid in Advance
1000. Reserves Deposited with Lender
1100. Title Charges
1200. Government Recording and Transfer Charges
1300. Additional Settlement Charges
702. $ to
to
802. Your credit or charge (points) for the specific interest rate
chosen
902. Mortgage insurance premium for months to
1002. Homeowner’s insurance months @ $ per
month $
1102. Settlement or closing fee
1202. Deed $ Mortgage $ Release $
1302.
701. $
801. Our origination charge
901. Daily interest charges from to
@ $ /day
1001. Initial deposit for your escrow account
1101. Title services and lender’s title insurance
1201. Government recording charges
1301. Required services that you can shop for
703. Commission paid at settlement
Division of commission (line 700) as follows :
803. Your adjusted origination charges
903. Homeowner’s insurance for years to
1003. Mortgage insurance months @ $ per month
$
1103. Owner’s title insurance
1203. Transfer taxes
1303.
704.
804. Appraisal fee to
904.
1004. Property Taxes months @ $ per month $
@ $ /day
1001. Initial deposit for your escrow account
1101. Title services and lender’s title insurance
1201. Government recording charges
1301. Required services that you can shop for
703. Commission paid at settlement
Division of commission (line 700) as follows :
803. Your adjusted origination charges
903. Homeowner’s insurance for years to
1003. Mortgage insurance months @ $ per month
$
1103. Owner’s title insurance
1203. Transfer taxes
1303.
704.
804. Appraisal fee to
904.
1004. Property Taxes months @ $ per month $
1104. Lender’s title insurance
1204. City/County tax/stamps Deed $
Mortgage $
1304.
1005. months @ $ per month $
1105. Lender’s title policy limit $
1205. State tax/stamps Deed $ Mortgage
$
1305.
1006. months @ $ per month $
1106. Owner’s title policy limit $
1206.
1007. Aggregate Adjustment -$
1107. Agent’s portion of the total title insurance premium to
1108. Underwriter’s portion of the total title insurance premium
to
1109.
1110.
1111.
805. Credit report to
1204. City/County tax/stamps Deed $
Mortgage $
1304.
1005. months @ $ per month $
1105. Lender’s title policy limit $
1205. State tax/stamps Deed $ Mortgage
$
1305.
1006. months @ $ per month $
1106. Owner’s title policy limit $
1206.
1007. Aggregate Adjustment -$
1107. Agent’s portion of the total title insurance premium to
1108. Underwriter’s portion of the total title insurance premium
to
1109.
1110.
1111.
805. Credit report to
806. Tax service to
807. Flood certification to
808.
809.
810.
811.
Paid From
Borrower’s
Funds at
Settlement
Paid From
Seller’s
Funds at
Settlement
$
$
$
$
$
$
807. Flood certification to
808.
809.
810.
811.
Paid From
Borrower’s
Funds at
Settlement
Paid From
Seller’s
Funds at
Settlement
$
$
$
$
$
$
1400. Total Settlement Charges (enter on lines 103, Section J
and 502, Section K)
(from GFE #1)
(from GFE #3)
(from GFE #2)
(from GFE #3)
(from GFE #10)
(from GFE #4)
(from GFE #3)
(from GFE #11)
(from GFE #9)
(from GFE #5)
(from GFE #7)
(from GFE #8)
(from GFE #6)
(from GFE #A)
(from GFE #3)
(from GFE #3)
and 502, Section K)
(from GFE #1)
(from GFE #3)
(from GFE #2)
(from GFE #3)
(from GFE #10)
(from GFE #4)
(from GFE #3)
(from GFE #11)
(from GFE #9)
(from GFE #5)
(from GFE #7)
(from GFE #8)
(from GFE #6)
(from GFE #A)
(from GFE #3)
(from GFE #3)
$
$
HUD-1Page 3 of 3Previous edition are obsolete
Comparison of Good Faith Estimate (GFE) and HUD-1 Charrges
% $ or
Charges That In Total Cannot Increase More Than 10%
Good Faith Estimate
Good Faith Estimate
Good Faith Estimate
Total
Increase between GFE and HUD-1 Charges
HUD-1
HUD-1
HUD-1
Charges That Cannot Increase HUD-1 Line Number
Government recording charges
Charges That Can Change
$
HUD-1Page 3 of 3Previous edition are obsolete
Comparison of Good Faith Estimate (GFE) and HUD-1 Charrges
% $ or
Charges That In Total Cannot Increase More Than 10%
Good Faith Estimate
Good Faith Estimate
Good Faith Estimate
Total
Increase between GFE and HUD-1 Charges
HUD-1
HUD-1
HUD-1
Charges That Cannot Increase HUD-1 Line Number
Government recording charges
Charges That Can Change
Your initial loan amount is
Loan Terms
Note: If you have any questions about the Settlement Charges
and Loan Terms listed on this form, please contact your lender.
Daily interest charges
Your initial interest rate is
Initial deposit for your escrow account
Your loan term is years
No
No
No
No
Property taxes Homeowner’s insurance
Flood insurance
No
Yes, it can rise to a maximum of %. The first change
will be on
Yes, the first increase can be on and the monthly amount
Yes, it can rise to a maximum of $
Loan Terms
Note: If you have any questions about the Settlement Charges
and Loan Terms listed on this form, please contact your lender.
Daily interest charges
Your initial interest rate is
Initial deposit for your escrow account
Your loan term is years
No
No
No
No
Property taxes Homeowner’s insurance
Flood insurance
No
Yes, it can rise to a maximum of %. The first change
will be on
Yes, the first increase can be on and the monthly amount
Yes, it can rise to a maximum of $
Yes, your maximum prepayment penalty is $
Yes, you have a balloon payment of $ due in
years
on .
You do not have a monthly escrow payment for items, such as
property taxes and
You have an additional monthly escrow payment of $
that results in a total initial monthly amount owed of $ . This
includes
principal, interest, any mortagage insurance and any items
checked below:
homeowner’s insurance. You must pay these items directly
yourself.
Principal
Interest
Mortgage Insurance
includes
%
Our origination charge
Your credit or charge (points) for the specific interest rate
chosen
Your adjusted origination charges
Yes, you have a balloon payment of $ due in
years
on .
You do not have a monthly escrow payment for items, such as
property taxes and
You have an additional monthly escrow payment of $
that results in a total initial monthly amount owed of $ . This
includes
principal, interest, any mortagage insurance and any items
checked below:
homeowner’s insurance. You must pay these items directly
yourself.
Principal
Interest
Mortgage Insurance
includes
%
Our origination charge
Your credit or charge (points) for the specific interest rate
chosen
Your adjusted origination charges
Transfer taxes
Homeowner’s insurance
Your initial monthly amount owed for principal, interest, and
any
mortgage insurance is
Can your interest rate rise?
Even if you make payments on time, can your loan balance rise?
Does your loan have a prepayment penalty?
Does your loan have a balloon payment?
Total monthly amount owed including escrow account payments
Even if you make payments on time, can your monthly
amount owed for principal, interest, and mortgage insurance
rise?
$
# 1001
#
# 1201
# 901
#
Homeowner’s insurance
Your initial monthly amount owed for principal, interest, and
any
mortgage insurance is
Can your interest rate rise?
Even if you make payments on time, can your loan balance rise?
Does your loan have a prepayment penalty?
Does your loan have a balloon payment?
Total monthly amount owed including escrow account payments
Even if you make payments on time, can your monthly
amount owed for principal, interest, and mortgage insurance
rise?
$
# 1001
#
# 1201
# 901
#
# 903
#
# 801
#
#
# 802
#
#
# 803
#
#
#
# 1203
$ /day
$
and can change again every after . Every change date, your
interest rate can increase or decrease by %. Over the life of
the loan, your interest rate is
#
# 801
#
#
# 802
#
#
# 803
#
#
#
# 1203
$ /day
$
and can change again every after . Every change date, your
interest rate can increase or decrease by %. Over the life of
the loan, your interest rate is
guaranteed to never be lower than % or higher than
%.
owed can rise to $ . The maximum it can ever rise to is $
.
Text426: Text427: Text428: HUD GRADING KEYText429: Bob
Buyer
456 Minor Street
Newfield, NY
14867Text430: Samantha SellerText431: Charlie Creditor
Commercial Loans Mgr.
Newfield Savings Bank
Text432: 456 Minor Street
Newfield, NY
14867Text433: Ms. Sharice Grading-KeyText435:
02/15/2014Text434: G85 Myron TaylorText510:
600000Text511: Text512: Text513: Text440: Text514: Text515:
Text442: Text516: Text517: Text445: 02/16/2014Text446:
05/31/2014Text519: 02/16/2014Text520: 05/31/2014Text521:
2563.15Text448: 02/16/2014Text449: 12/31/2014Text522:
02/16/2014Text523: 12/31/2014Text524: 4422.30Text451:
Text452: Text525: Text526: Text527: Text454: School Taxes
02/16/2014 to 06/30/2014Text528: School Taxes 02/16/2014 to
06/30/2014Text529: 3655.54Text456: Text530: Text531:
Text458: Text532: Text533: Text461: Text460: Text534:
Text535: Text462: 619134.40Text536: 610640.99Text464:
15000Text538: Text465: 450000Text539: 73083.94Text466:
Text540: Text467: Text468: Text541: 125000Text470: Text469:
Text542: Text471: Upstate Appraisers $2,600 POCText472:
Text543: Interest 01-01 to 02/15/2014 ($25.68/day)Text544:
1181.51Text474: Text473: Phase 1 Env. GEO Sludge $1,500
POCText545: Late Fee on Mortgage Text546: 50Text476:
Text475: Underwriting fee Newfield Sav. $1,000 POCText547:
Text548: Text478: Text477: Text549: Text550: Text480:
Text481: Text482: Text552: Text553: Text554: Text483:
%.
owed can rise to $ . The maximum it can ever rise to is $
.
Text426: Text427: Text428: HUD GRADING KEYText429: Bob
Buyer
456 Minor Street
Newfield, NY
14867Text430: Samantha SellerText431: Charlie Creditor
Commercial Loans Mgr.
Newfield Savings Bank
Text432: 456 Minor Street
Newfield, NY
14867Text433: Ms. Sharice Grading-KeyText435:
02/15/2014Text434: G85 Myron TaylorText510:
600000Text511: Text512: Text513: Text440: Text514: Text515:
Text442: Text516: Text517: Text445: 02/16/2014Text446:
05/31/2014Text519: 02/16/2014Text520: 05/31/2014Text521:
2563.15Text448: 02/16/2014Text449: 12/31/2014Text522:
02/16/2014Text523: 12/31/2014Text524: 4422.30Text451:
Text452: Text525: Text526: Text527: Text454: School Taxes
02/16/2014 to 06/30/2014Text528: School Taxes 02/16/2014 to
06/30/2014Text529: 3655.54Text456: Text530: Text531:
Text458: Text532: Text533: Text461: Text460: Text534:
Text535: Text462: 619134.40Text536: 610640.99Text464:
15000Text538: Text465: 450000Text539: 73083.94Text466:
Text540: Text467: Text468: Text541: 125000Text470: Text469:
Text542: Text471: Upstate Appraisers $2,600 POCText472:
Text543: Interest 01-01 to 02/15/2014 ($25.68/day)Text544:
1181.51Text474: Text473: Phase 1 Env. GEO Sludge $1,500
POCText545: Late Fee on Mortgage Text546: 50Text476:
Text475: Underwriting fee Newfield Sav. $1,000 POCText547:
Text548: Text478: Text477: Text549: Text550: Text480:
Text481: Text482: Text552: Text553: Text554: Text483:
Text484: Text485: Text555: Text556: Text557: Text488:
Text486: Text487: Text558: Text559: Text560: Text490:
2321.43Text489: Rents 02/15 to 02/28 from MaxiMartText561:
Rents 02/15 to 02/28 from MaxiMartText562: 2321.43Text492:
10000Text491: Security Deposit from MaxiMartText563:
Security Deposit from MaxiMartText564: 10000Text494:
1625.00Text493: Rents 02/15 to 02/28 from Dollar
DealerText565: Rents 02/15 to 02/28 from Dollar
DealerText566: 1625.00Text496: 7000Text495: Security
Deposit from Dollar DealerText567: Security Deposit from
Dollar DealerText568: 7000Text498: Text497: Text569:
Text570: Text500: Text499: Text571: Text572: Text502:
Text501: Text573: Text574: Text503: 485946.43Text575:
220261.88Text505: 619134.40Text577: 610640.99Text506:
485946.43Text578: 220261.88Text509: 133187.97Text581:
390379.11Text583: Billfold Realty AmericaText582:
33000Text585: Buxx Real EstateText584: 33000Text587:
Text588: 66000Text589: Text590: Text591: Text601: Text603:
Upstate Appraisers $2,600 (POC)Text604: Text606: Text607:
Text609: Text610: Text612: Text613: Text615: Cert. of Good
Standing $31.50 (typically on GFE and placed under
1201)Text616: 31.5Text618: LLC Resolution $31.50Text619:
31.5Text621: Phase 1 Environmental Audit to GeoSludge
$1,500 (POC)Text622: Text624: Text625: Text627:
02/15/2014Text628: 2/28/2014Text629: 89.38Text631:
1251.37Text633: Text634: Text635: Text637: 1Text638: to
Burns Fire & Casualty $3,500 (POC)Text639: Text641:
Text642: Text645: Text647: Text648: Text649: Text652:
Text653: Text654: Text657: Text658: Text659: Text662:
Text663: Text664: Text667: Text668: Text669: Text673:
Text677: 500Text679: Lender's settlement fee to The Firm
LLCText680: 500Text682: Text683: Ticor Title Ins. Co.
$846Text684: 2670Text686: Ticor Title Ins. Co. $2670
Text687: Text690: Text693: Text696: Text697: Text700:
Text701: Text704: Cert. of Good Stand $31.50 (Charges here
would typically go in 1200 series)Text705: Text706:
Text486: Text487: Text558: Text559: Text560: Text490:
2321.43Text489: Rents 02/15 to 02/28 from MaxiMartText561:
Rents 02/15 to 02/28 from MaxiMartText562: 2321.43Text492:
10000Text491: Security Deposit from MaxiMartText563:
Security Deposit from MaxiMartText564: 10000Text494:
1625.00Text493: Rents 02/15 to 02/28 from Dollar
DealerText565: Rents 02/15 to 02/28 from Dollar
DealerText566: 1625.00Text496: 7000Text495: Security
Deposit from Dollar DealerText567: Security Deposit from
Dollar DealerText568: 7000Text498: Text497: Text569:
Text570: Text500: Text499: Text571: Text572: Text502:
Text501: Text573: Text574: Text503: 485946.43Text575:
220261.88Text505: 619134.40Text577: 610640.99Text506:
485946.43Text578: 220261.88Text509: 133187.97Text581:
390379.11Text583: Billfold Realty AmericaText582:
33000Text585: Buxx Real EstateText584: 33000Text587:
Text588: 66000Text589: Text590: Text591: Text601: Text603:
Upstate Appraisers $2,600 (POC)Text604: Text606: Text607:
Text609: Text610: Text612: Text613: Text615: Cert. of Good
Standing $31.50 (typically on GFE and placed under
1201)Text616: 31.5Text618: LLC Resolution $31.50Text619:
31.5Text621: Phase 1 Environmental Audit to GeoSludge
$1,500 (POC)Text622: Text624: Text625: Text627:
02/15/2014Text628: 2/28/2014Text629: 89.38Text631:
1251.37Text633: Text634: Text635: Text637: 1Text638: to
Burns Fire & Casualty $3,500 (POC)Text639: Text641:
Text642: Text645: Text647: Text648: Text649: Text652:
Text653: Text654: Text657: Text658: Text659: Text662:
Text663: Text664: Text667: Text668: Text669: Text673:
Text677: 500Text679: Lender's settlement fee to The Firm
LLCText680: 500Text682: Text683: Ticor Title Ins. Co.
$846Text684: 2670Text686: Ticor Title Ins. Co. $2670
Text687: Text690: Text693: Text696: Text697: Text700:
Text701: Text704: Cert. of Good Stand $31.50 (Charges here
would typically go in 1200 series)Text705: Text706:
31.5Text707: Title Work (Abstracts R Us) $251Text708:
Text709: 251Text710: Recording of Corp. Res. $31.50Text711:
Text712: 31.5Text714: 84Text716: 34.50Text717:
49.50Text718: 31.50Text720: 31.50Text722: 2250Text724:
3600Text725: 2250Text727: 3600Text728: Text729: Text731:
Text732: File RP-5217 Transfer Report fee $165; File Survey
Map $10 TP-584 RE Transfer Tax Form $5Text733:
175Text734: 5Text735: Text737: Attorney's fees Buyer - Adam
AttorneyText738: 1500Text739: 1500Text740: Text741:
Attorney's fees Seller - Larry LawyerText742: 1700Text743:
Text744: 1700Text745: Water & Sewer AdjustmentText746:
Text747: 283.44Text748: Survey provided by sellerText749:
Text750: 1150Text753: Text754: Text755: Text756: Text757:
Text758: Text759: Text760: Text761: Text762: Text763:
Transfer Tax TP-584Text764: Text765: Text766: Text767:
Text768: Text769: Text770: Text771: Text772: Text773:
Text774: Text775: Text776: Text777: Text778: Text779:
Text780: Text781: Text782: Text783: Text784: Text785:
Text786: Text787: Text788: Text789: Text790: Text791:
Text793: Text792: Text794: Text795: Text796: Text797:
Text798: Text799: Text802: Text800: Text801: Text803:
Text804: Text805: Text806: Text807: Text808: Text809:
Text810: Text811: Text812: Text813: Text814: Text815:
Text816: Text817: Check Box818: OffCheck Box819: OffCheck
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175Text734: 5Text735: Text737: Attorney's fees Buyer - Adam
AttorneyText738: 1500Text739: 1500Text740: Text741:
Attorney's fees Seller - Larry LawyerText742: 1700Text743:
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Text4:
Rubric for Lab Report
These things must be present in your report to receive full
points. (However, this is not a checklist and does not guarantee
full points)
Title: You need a title, and your name. Format this like any
paper.
Abstract: This should be a tiny version of your whole paper,
less than 200 words.
Introduction: Start broad and work your way to a narrow point
of view. Make sure you cover CRISPR and how that works. Go
into a bit of details, and explain how it’s relevant. Compare
CRISPR briefly to other gene insertion methods, and explain
why CRISPR could be the best option for us. Mention RFP and
puromycin resistance, and cover how they work. Talk about
HEK 293T cells. Mention AAVS1 safe harbor site and what that
is. Finally, Have a summary paragraph in which you state the
purpose of our experiment, your hypothesis AND how you came
to this hypothesis, how this was tested (the title of your key
methods), and directly state your findings.
Materials and Methods:In paragraph form give a description for
each technique used. This includes: The cell line used and their
maintenance, the plasmids used, every experiment we
performed, and the reagents used. If we made changes in class
be sure you have those! This should be in paragraph form, and
highly shortened. For example: Instead of saying “The media
was put into a waste beaker and 3 mls of pbs was added and the
pbs was taken off and put into the waste beaker. Then 10uL of
puromycin was added to the cells and then media was added to
those and left to incubate at 37 deg C for 48 hours” Simply say
“The cells were washed and incubated in 15mM puromycin for
48 hours”. (Not actual concentration used)
Results: Express your results without giving raw data. This can
be a bit tricky as data is a requirement. However, it should be
Text4:
Rubric for Lab Report
These things must be present in your report to receive full
points. (However, this is not a checklist and does not guarantee
full points)
Title: You need a title, and your name. Format this like any
paper.
Abstract: This should be a tiny version of your whole paper,
less than 200 words.
Introduction: Start broad and work your way to a narrow point
of view. Make sure you cover CRISPR and how that works. Go
into a bit of details, and explain how it’s relevant. Compare
CRISPR briefly to other gene insertion methods, and explain
why CRISPR could be the best option for us. Mention RFP and
puromycin resistance, and cover how they work. Talk about
HEK 293T cells. Mention AAVS1 safe harbor site and what that
is. Finally, Have a summary paragraph in which you state the
purpose of our experiment, your hypothesis AND how you came
to this hypothesis, how this was tested (the title of your key
methods), and directly state your findings.
Materials and Methods:In paragraph form give a description for
each technique used. This includes: The cell line used and their
maintenance, the plasmids used, every experiment we
performed, and the reagents used. If we made changes in class
be sure you have those! This should be in paragraph form, and
highly shortened. For example: Instead of saying “The media
was put into a waste beaker and 3 mls of pbs was added and the
pbs was taken off and put into the waste beaker. Then 10uL of
puromycin was added to the cells and then media was added to
those and left to incubate at 37 deg C for 48 hours” Simply say
“The cells were washed and incubated in 15mM puromycin for
48 hours”. (Not actual concentration used)
Results: Express your results without giving raw data. This can
be a bit tricky as data is a requirement. However, it should be
expressed in words and references to the figures. For example:
Instead of saying “Our groups BCA results had an optical
density of 1.86” say this “the concentration of our extracted
protein was 1865 ug/mL as determined by the BCA assay
(Figure 3).” This requires you to understand how the
experiments are related. However do not interpret your results.
You need 5 Figures with appropriate labels, a summary
statement and a description all within the caption. These must
be referenced in your text. Place your figures at the end of the
lab report. They do not need to be in two columns, but your
written results do.
The Figures Needed:
1. Both plasmids. You’ll need both plasmids correctly identified
as guide or repair. In your caption identify key pieces of the
plasmids.
2. Phalloidin and DAPI stain images. Label each stain present,
as well as RFP. Also include a negative control.
3. The PCR agarose gel. You need to label key sizes of the
ladder, each well, and label your band. Include the image of the
PCR fragment we amplified
4. BCA standard curve as well as your concentration of protein
5. Western Blot of RFP in our CRISPR vs non CRISPR cells
Discussion: State if your hypothesis was supported or not, then
explain why you believe this using your results. Go into details,
and reference each figure while you discuss what they mean to
our final conclusion. Next describe two ways in detail how we
can further use our new skill. This should be at least a
paragraph demonstrating you understand the concepts of what
we did over the semester. Finally, have a conclusive ending
statement.
References: Cite at least 5 Primary sources, just in your
introduction. However, cite any background information you
use. Use the Journal of Cell Biology format.
Formatting: The paper must be in two columns (excluding your
abstract and references), single spaced, 12 point Times New
Roman. Additionally use the paper on D2L as an example of
Instead of saying “Our groups BCA results had an optical
density of 1.86” say this “the concentration of our extracted
protein was 1865 ug/mL as determined by the BCA assay
(Figure 3).” This requires you to understand how the
experiments are related. However do not interpret your results.
You need 5 Figures with appropriate labels, a summary
statement and a description all within the caption. These must
be referenced in your text. Place your figures at the end of the
lab report. They do not need to be in two columns, but your
written results do.
The Figures Needed:
1. Both plasmids. You’ll need both plasmids correctly identified
as guide or repair. In your caption identify key pieces of the
plasmids.
2. Phalloidin and DAPI stain images. Label each stain present,
as well as RFP. Also include a negative control.
3. The PCR agarose gel. You need to label key sizes of the
ladder, each well, and label your band. Include the image of the
PCR fragment we amplified
4. BCA standard curve as well as your concentration of protein
5. Western Blot of RFP in our CRISPR vs non CRISPR cells
Discussion: State if your hypothesis was supported or not, then
explain why you believe this using your results. Go into details,
and reference each figure while you discuss what they mean to
our final conclusion. Next describe two ways in detail how we
can further use our new skill. This should be at least a
paragraph demonstrating you understand the concepts of what
we did over the semester. Finally, have a conclusive ending
statement.
References: Cite at least 5 Primary sources, just in your
introduction. However, cite any background information you
use. Use the Journal of Cell Biology format.
Formatting: The paper must be in two columns (excluding your
abstract and references), single spaced, 12 point Times New
Roman. Additionally use the paper on D2L as an example of
how your paper should be formatted. Turn this in as a word
document. Maximum of 6 pages (not including figures).
***Plagiarism: If your paper has plagiarism in any section, I
will give you a zero. Depending on the extent of the plagiarism,
I may turn you in to Dr. Jessen. Please be aware that the
plagiarism detector on D2L is extremely sensitive and shows me
the exact spot and sources of the plagiarism. Changing only a
few words is still plagiarism, even if you cite the source. You
must write in your own words.
************Rubric is subject to change as we discuss it. I
will notify you of any changes in advance.
Real Estate Closings
Understanding the Settlement Statement
The Real Estate Closing
• Know the players
• Settlement/Closing agent
• Title agent
• Escrow agent
HUD Changes in 2010
Good Faith Estimate “Protections”
• Residential Settlement Statement with GFE completed
document. Maximum of 6 pages (not including figures).
***Plagiarism: If your paper has plagiarism in any section, I
will give you a zero. Depending on the extent of the plagiarism,
I may turn you in to Dr. Jessen. Please be aware that the
plagiarism detector on D2L is extremely sensitive and shows me
the exact spot and sources of the plagiarism. Changing only a
few words is still plagiarism, even if you cite the source. You
must write in your own words.
************Rubric is subject to change as we discuss it. I
will notify you of any changes in advance.
Real Estate Closings
Understanding the Settlement Statement
The Real Estate Closing
• Know the players
• Settlement/Closing agent
• Title agent
• Escrow agent
HUD Changes in 2010
Good Faith Estimate “Protections”
• Residential Settlement Statement with GFE completed
Settlement Statement with
seller-financing
proration of rent / security deposits
Residential Settlement Statement
with GFE completed
Seller Financing -
CV 2004
Residential HUD1
with GFE
Preliminaries prior to closing
• Tenant Estoppel Letters
• Mechanic’s Liens Affidavit
• Corporate Resolution & Operating Agreement
• If LLC
Tenant Estoppel
Letter
Corporate
Resolution - WRS
Preliminaries prior to closing (continued)
seller-financing
proration of rent / security deposits
Residential Settlement Statement
with GFE completed
Seller Financing -
CV 2004
Residential HUD1
with GFE
Preliminaries prior to closing
• Tenant Estoppel Letters
• Mechanic’s Liens Affidavit
• Corporate Resolution & Operating Agreement
• If LLC
Tenant Estoppel
Letter
Corporate
Resolution - WRS
Preliminaries prior to closing (continued)
• Title review
• Concerns over clouds on title?
3/8 Coal Interest
Recording & Taxing Value at Conveyance
• Real Property Transfer Report
• Note states that are exceptions
• Transfer Tax
Newfield Mall
The Newfield Mall
Settlement Statement
Fact Pattern
HUD1 Settlement
Statement
Fact Pattern -
Newfield Mall
Settlement
Statement - Newfield
Buyers Day / Sellers Day
• City Taxes
• Concerns over clouds on title?
3/8 Coal Interest
Recording & Taxing Value at Conveyance
• Real Property Transfer Report
• Note states that are exceptions
• Transfer Tax
Newfield Mall
The Newfield Mall
Settlement Statement
Fact Pattern
HUD1 Settlement
Statement
Fact Pattern -
Newfield Mall
Settlement
Statement - Newfield
Buyers Day / Sellers Day
• City Taxes
• March 31/April 30/May 31 = 31+30+31 = 92
• + 13 days not including day of closing = 105 days
• $550,000/$1,000 = 550 * 16.20 = $8910
• $8910 / 365 = $24.42 * 105 days = 2563.15
• County Taxes
• 365 days – Jan 30 days and Feb. 15 days = 319 days
• 319 days + 13.86 per diem * 319 days = 4422.30
• Note states that are exceptions
• School Taxes
• 135 days + 30 days of June * 27.08 per diem = 3655.54
Rent Pro-ration
• Maximart:
• 5,000 x $12 = $60,000 / 12 months = $5,000
• $5,000 * (13/28) = $2321.43
• Sec. Dep: $5,000 * 2 = $10,000
Mortgage Payoff
• Existing mortgage payoff
• $125,000 * (.075/365) * 46 days
Deed Stamps/
Transfer Tax
• Purchase price not mortgage amount
• + 13 days not including day of closing = 105 days
• $550,000/$1,000 = 550 * 16.20 = $8910
• $8910 / 365 = $24.42 * 105 days = 2563.15
• County Taxes
• 365 days – Jan 30 days and Feb. 15 days = 319 days
• 319 days + 13.86 per diem * 319 days = 4422.30
• Note states that are exceptions
• School Taxes
• 135 days + 30 days of June * 27.08 per diem = 3655.54
Rent Pro-ration
• Maximart:
• 5,000 x $12 = $60,000 / 12 months = $5,000
• $5,000 * (13/28) = $2321.43
• Sec. Dep: $5,000 * 2 = $10,000
Mortgage Payoff
• Existing mortgage payoff
• $125,000 * (.075/365) * 46 days
Deed Stamps/
Transfer Tax
• Purchase price not mortgage amount
• $600,000 / $1,000 = $600 * $6
• = $3,600
New Loan
• Where do we find guidance on loan
payments?
• Promissory Note provided by new lender
• Interest through February 28th
• $450,000*.0725 / 365 = $89.38 per day * 14
days
= $1,251.37
Promissory Note -
Newfield
Mortgage Tax
• Mortgage Tax ($5 per $1,000 of loan
amount)
• On Mortgage amount only
• $450,000 / $1,000 = $450 * $5 = $2,250
Title Insurance
State Regulation
or
• = $3,600
New Loan
• Where do we find guidance on loan
payments?
• Promissory Note provided by new lender
• Interest through February 28th
• $450,000*.0725 / 365 = $89.38 per day * 14
days
= $1,251.37
Promissory Note -
Newfield
Mortgage Tax
• Mortgage Tax ($5 per $1,000 of loan
amount)
• On Mortgage amount only
• $450,000 / $1,000 = $450 * $5 = $2,250
Title Insurance
State Regulation
or
Market priced
Where do we put all these line items?
Paid out of Closing (POC)
Post-closing
“it ain’t over till the paperwork is done.”
• Wire transfer
• Mortgage release
• Recording of Deed
A. Settlement Statement (HUD-1)
HUD-1Page 1 of 3Previous edition are obsolete
B. Type of Loan
J. Summary of Borrower’s Transaction
100. Gross Amount Due from Borrower
C. Note:
400. Gross Amount Due to Seller
Where do we put all these line items?
Paid out of Closing (POC)
Post-closing
“it ain’t over till the paperwork is done.”
• Wire transfer
• Mortgage release
• Recording of Deed
A. Settlement Statement (HUD-1)
HUD-1Page 1 of 3Previous edition are obsolete
B. Type of Loan
J. Summary of Borrower’s Transaction
100. Gross Amount Due from Borrower
C. Note:
400. Gross Amount Due to Seller
This form is furnished to give you a statement of actual
settlement costs. Amounts paid to and by the settlement agent
are shown. Items marked
“(p.o.c.)” were paid outside the closing; they are shown here for
informational purposes and are not included in the totals.
401. Contract sales price
106. City/town taxes to
to
to
to
to
to
to
to
to
to
to
to
406. City/town taxes
203. Existing loan(s) taken subject to 503. Existing loan(s)
taken subject to
settlement costs. Amounts paid to and by the settlement agent
are shown. Items marked
“(p.o.c.)” were paid outside the closing; they are shown here for
informational purposes and are not included in the totals.
401. Contract sales price
106. City/town taxes to
to
to
to
to
to
to
to
to
to
to
to
406. City/town taxes
203. Existing loan(s) taken subject to 503. Existing loan(s)
taken subject to
212. Assessments 512. Assessments
302. Less amounts paid by/for borrower (line 220) 602. Less
reductions in amounts due seller (line 520)( ) (
)
213. 513.
214. 514.
215. 515.
216. 516.
218. 518.
217. 517.
219. 519.
102. Personal property
101. Contract sales price
402. Personal property
107. County taxes 407. County taxes
204. 504. Payoff of first mortgage loan
103. Settlement charges to borrower (line 1400) 403.
108. Assessments 408. Assessments
205. 505. Payoff of second mortgage loan
104. 404.
302. Less amounts paid by/for borrower (line 220) 602. Less
reductions in amounts due seller (line 520)( ) (
)
213. 513.
214. 514.
215. 515.
216. 516.
218. 518.
217. 517.
219. 519.
102. Personal property
101. Contract sales price
402. Personal property
107. County taxes 407. County taxes
204. 504. Payoff of first mortgage loan
103. Settlement charges to borrower (line 1400) 403.
108. Assessments 408. Assessments
205. 505. Payoff of second mortgage loan
104. 404.
109. 409.
206. 506.
201. Deposit or earnest money 501. Excess deposit (see
instructions)
210. City/town taxes 510. City/town taxes
105.
1.
D. Name & Address of Borrower:
G. Property Location:
E. Name & Address of Seller: F. Name & Address of Lender:
I. Settlement Date:H. Settlement Agent:
Place of Settlement:
2. 3.FHA RHS Conv. Unins. 6. File Number: 7. Loan Number:
8. Mortgage Insurance Case Number:
VA Conv. Ins.4. 5.
405.
110. 410.
207. 507.
202. Principal amount of new loan(s) 502. Settlement charges to
206. 506.
201. Deposit or earnest money 501. Excess deposit (see
instructions)
210. City/town taxes 510. City/town taxes
105.
1.
D. Name & Address of Borrower:
G. Property Location:
E. Name & Address of Seller: F. Name & Address of Lender:
I. Settlement Date:H. Settlement Agent:
Place of Settlement:
2. 3.FHA RHS Conv. Unins. 6. File Number: 7. Loan Number:
8. Mortgage Insurance Case Number:
VA Conv. Ins.4. 5.
405.
110. 410.
207. 507.
202. Principal amount of new loan(s) 502. Settlement charges to
seller (line 1400)
211. County taxes 511. County taxes
301. Gross amount due from borrower (line 120) 601. Gross
amount due to seller (line 420)
111. 411.
208. 508.
112. 412.
209. 509.
120. Gross Amount Due from Borrower 420. Gross Amount Due
to Seller
200. Amount Paid by or in Behalf of Borrower 500. Reductions
In Amount Due to seller
Adjustments for items unpaid by seller Adjustments for items
unpaid by seller
220. Total Paid by/for Borrower 520. Total Reduction Amount
Due Seller
303. Cash 603. CashFrom ToTo Borrower From Seller
300. Cash at Settlement from/to Borrower 600. Cash at
Settlement to/from Seller
Adjustment for items paid by seller in advance Adjustment for
items paid by seller in advance
K. Summary of Seller’s Transaction
211. County taxes 511. County taxes
301. Gross amount due from borrower (line 120) 601. Gross
amount due to seller (line 420)
111. 411.
208. 508.
112. 412.
209. 509.
120. Gross Amount Due from Borrower 420. Gross Amount Due
to Seller
200. Amount Paid by or in Behalf of Borrower 500. Reductions
In Amount Due to seller
Adjustments for items unpaid by seller Adjustments for items
unpaid by seller
220. Total Paid by/for Borrower 520. Total Reduction Amount
Due Seller
303. Cash 603. CashFrom ToTo Borrower From Seller
300. Cash at Settlement from/to Borrower 600. Cash at
Settlement to/from Seller
Adjustment for items paid by seller in advance Adjustment for
items paid by seller in advance
K. Summary of Seller’s Transaction
OMB Approval No. 2502-0265
The Public Reporting Burden for this collection of information
is estimated at 35 minutes per response for collecting,
reviewing, and reporting the data. This agency may not
collect this information, and you are not required to complete
this form, unless it displays a currently valid OMB control
number. No confidentiality is assured; this disclosure
is mandatory. This is designed to provide the parties to a
RESPA covered transaction with information during the
settlement process.
HUD-1Page 2 of 3Previous edition are obsolete
L. Settlement Charges
700. Total Real Estate Broker Fees
800. Items Payable in Connection with Loan
900. Items Required by Lender to be Paid in Advance
1000. Reserves Deposited with Lender
1100. Title Charges
1200. Government Recording and Transfer Charges
1300. Additional Settlement Charges
702. $ to
to
The Public Reporting Burden for this collection of information
is estimated at 35 minutes per response for collecting,
reviewing, and reporting the data. This agency may not
collect this information, and you are not required to complete
this form, unless it displays a currently valid OMB control
number. No confidentiality is assured; this disclosure
is mandatory. This is designed to provide the parties to a
RESPA covered transaction with information during the
settlement process.
HUD-1Page 2 of 3Previous edition are obsolete
L. Settlement Charges
700. Total Real Estate Broker Fees
800. Items Payable in Connection with Loan
900. Items Required by Lender to be Paid in Advance
1000. Reserves Deposited with Lender
1100. Title Charges
1200. Government Recording and Transfer Charges
1300. Additional Settlement Charges
702. $ to
to
802. Your credit or charge (points) for the specific interest rate
chosen
902. Mortgage insurance premium for months to
1002. Homeowner’s insurance months @ $ per
month $
1102. Settlement or closing fee
1202. Deed $ Mortgage $ Release $
1302.
701. $
801. Our origination charge
901. Daily interest charges from to
@ $ /day
1001. Initial deposit for your escrow account
1101. Title services and lender’s title insurance
1201. Government recording charges
1301. Required services that you can shop for
703. Commission paid at settlement
Division of commission (line 700) as follows :
803. Your adjusted origination charges
903. Homeowner’s insurance for years to
chosen
902. Mortgage insurance premium for months to
1002. Homeowner’s insurance months @ $ per
month $
1102. Settlement or closing fee
1202. Deed $ Mortgage $ Release $
1302.
701. $
801. Our origination charge
901. Daily interest charges from to
@ $ /day
1001. Initial deposit for your escrow account
1101. Title services and lender’s title insurance
1201. Government recording charges
1301. Required services that you can shop for
703. Commission paid at settlement
Division of commission (line 700) as follows :
803. Your adjusted origination charges
903. Homeowner’s insurance for years to
1003. Mortgage insurance months @ $ per month
$
1103. Owner’s title insurance
1203. Transfer taxes
1303.
704.
804. Appraisal fee to
904.
1004. Property Taxes months @ $ per month $
1104. Lender’s title insurance
1204. City/County tax/stamps Deed $
Mortgage $
1304.
1005. months @ $ per month $
1105. Lender’s title policy limit $
1205. State tax/stamps Deed $ Mortgage
$
1305.
1006. months @ $ per month $
$
1103. Owner’s title insurance
1203. Transfer taxes
1303.
704.
804. Appraisal fee to
904.
1004. Property Taxes months @ $ per month $
1104. Lender’s title insurance
1204. City/County tax/stamps Deed $
Mortgage $
1304.
1005. months @ $ per month $
1105. Lender’s title policy limit $
1205. State tax/stamps Deed $ Mortgage
$
1305.
1006. months @ $ per month $
1106. Owner’s title policy limit $
1206.
1007. Aggregate Adjustment -$
1107. Agent’s portion of the total title insurance premium to
1108. Underwriter’s portion of the total title insurance premium
to
1109.
1110.
1111.
805. Credit report to
806. Tax service to
807. Flood certification to
808.
809.
810.
811.
Paid From
Borrower’s
Funds at
Settlement
1206.
1007. Aggregate Adjustment -$
1107. Agent’s portion of the total title insurance premium to
1108. Underwriter’s portion of the total title insurance premium
to
1109.
1110.
1111.
805. Credit report to
806. Tax service to
807. Flood certification to
808.
809.
810.
811.
Paid From
Borrower’s
Funds at
Settlement
Paid From
Seller’s
Funds at
Settlement
$
$
$
$
$
$
1400. Total Settlement Charges (enter on lines 103, Section J
and 502, Section K)
(from GFE #1)
(from GFE #3)
(from GFE #2)
(from GFE #3)
(from GFE #10)
(from GFE #4)
(from GFE #3)
Seller’s
Funds at
Settlement
$
$
$
$
$
$
1400. Total Settlement Charges (enter on lines 103, Section J
and 502, Section K)
(from GFE #1)
(from GFE #3)
(from GFE #2)
(from GFE #3)
(from GFE #10)
(from GFE #4)
(from GFE #3)
(from GFE #11)
(from GFE #9)
(from GFE #5)
(from GFE #7)
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Page 1 of 3
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Page 1 of 3
ASSIGNMENT #4
Real Estate Process
Spring 2019
Real Estate Closing & Settlement Statement Preparation
Due: April 4th submitted via Blackboard
Objective: To develop ability to conduct a commercial real
estate settlement statement
Format: HUD 1
Assignment:
To: Settlement Agent
Re: Preparation of settlement statement for Big Red Apartments
Date: Date of closing is March 26, 2015
You will find below all the information necessary for
Real Estate Process
Spring 2019
Real Estate Closing & Settlement Statement Preparation
Due: April 4th submitted via Blackboard
Objective: To develop ability to conduct a commercial real
estate settlement statement
Format: HUD 1
Assignment:
To: Settlement Agent
Re: Preparation of settlement statement for Big Red Apartments
Date: Date of closing is March 26, 2015
You will find below all the information necessary for
completing the settlement statement for
closing today’s sale of Big Red Apartments. Day of closing is
being treated as a “buyers day”
for purposes of allocating expenses and credits. Please review
the following assumptions and
accompanying documents and generate a settlement statement
using the attached HUD-
1statement of sale for the transaction as set forth below:
THE PLAYERS
• Seller: Ken and Linda Danter
Buyer: Sibley Partners LLC; Travis Frost, Managing Member
(and personal guarantor)
• Lender: BB&T Bank; Jason Moore, Commercial Loans Mgr.
• Listing real estate agent: David Hodes, Realty America
• Selling real estate agent: Doug Weill, Century Real Estate
• Seller’s Attorney: Gary Stevens - $750 fee
• Buyer’s Attorney: Adam Klausner - $1,500 fee
• Lender’s Attorney: Marcus and Blarney, LLP
THE PROPERTY
• Big Red Apartments. Big Red Apartments is a 88-unit
closing today’s sale of Big Red Apartments. Day of closing is
being treated as a “buyers day”
for purposes of allocating expenses and credits. Please review
the following assumptions and
accompanying documents and generate a settlement statement
using the attached HUD-
1statement of sale for the transaction as set forth below:
THE PLAYERS
• Seller: Ken and Linda Danter
Buyer: Sibley Partners LLC; Travis Frost, Managing Member
(and personal guarantor)
• Lender: BB&T Bank; Jason Moore, Commercial Loans Mgr.
• Listing real estate agent: David Hodes, Realty America
• Selling real estate agent: Doug Weill, Century Real Estate
• Seller’s Attorney: Gary Stevens - $750 fee
• Buyer’s Attorney: Adam Klausner - $1,500 fee
• Lender’s Attorney: Marcus and Blarney, LLP
THE PROPERTY
• Big Red Apartments. Big Red Apartments is a 88-unit
townhome development built in
1982 that comprises 22 buildings. Each unit is a 2 bedroom/1
bath layout with 900 sf gla.
Current occupancy is 95.5% with each occupied unit leased at
$900/month and with an
equivalent security deposit amount equal to one month’s rent
paid. No interest is due on
these security deposits held by the seller.
Page 2 of 3
• Property Taxes: Taxes are the responsibility of the owner (not
tenants) and are paid in
arrears1 (eg. 2nd half 2014 payable in 2015).
o Assessed Value of Property: $3,000,000
o City Tax Rate: $15.00 per $1,000 of Assessed Value (2nd half
begins 7/1)
▪ Tax bill was received on 3-1-2015 for 2nd half 2014 and is
due on 4-15-2015
o County Tax Rate: $10.00 per $1,000 of Assessed Value (FY
begins 1/1)
▪ Tax bill was received 1-15-2015 for full TY 2014 and has
been paid by seller
o School Tax Rate: $20.00 per $1,000 of Assessed Value (FY
1982 that comprises 22 buildings. Each unit is a 2 bedroom/1
bath layout with 900 sf gla.
Current occupancy is 95.5% with each occupied unit leased at
$900/month and with an
equivalent security deposit amount equal to one month’s rent
paid. No interest is due on
these security deposits held by the seller.
Page 2 of 3
• Property Taxes: Taxes are the responsibility of the owner (not
tenants) and are paid in
arrears1 (eg. 2nd half 2014 payable in 2015).
o Assessed Value of Property: $3,000,000
o City Tax Rate: $15.00 per $1,000 of Assessed Value (2nd half
begins 7/1)
▪ Tax bill was received on 3-1-2015 for 2nd half 2014 and is
due on 4-15-2015
o County Tax Rate: $10.00 per $1,000 of Assessed Value (FY
begins 1/1)
▪ Tax bill was received 1-15-2015 for full TY 2014 and has
been paid by seller
o School Tax Rate: $20.00 per $1,000 of Assessed Value (FY
begins 7/1)
▪ Tax bill was received 1-1-2015 for 2nd half 2014 and has been
paid by seller.
THE PURCHASE DEAL
• Purchase Price: $4,000,000.
• Earnest money deposit: $40,000 by buyer, held by the selling
real estate agent, to be
applied as a credit against the purchase price at closing
• Listing Agreement: 3.25% commission based on purchase
price, split evenly between
listing and selling agent; all commissions to be paid by seller
• Existing Mortgage: to be paid off by seller from proceeds at
closing. Principal balance as
of 3/1/2015 was $1,000,000 with an interest rate of 5% (simple
interest calculated on a
365-day year payable in arrears - e.g. the March 1st payment
pays February’s interest).
The seller made their March 1st payment
• Rents: rent for current tenants to be adjusted at closing. All
but three tenants paid their
monthly rent for March on 3-1-2015. The remaining three
tenants were paid up through
February but are past due for their March 1st rent payment.
Buyer and seller agree that
buyer assumes all responsibility on day of closing for past and
future rent, including
▪ Tax bill was received 1-1-2015 for 2nd half 2014 and has been
paid by seller.
THE PURCHASE DEAL
• Purchase Price: $4,000,000.
• Earnest money deposit: $40,000 by buyer, held by the selling
real estate agent, to be
applied as a credit against the purchase price at closing
• Listing Agreement: 3.25% commission based on purchase
price, split evenly between
listing and selling agent; all commissions to be paid by seller
• Existing Mortgage: to be paid off by seller from proceeds at
closing. Principal balance as
of 3/1/2015 was $1,000,000 with an interest rate of 5% (simple
interest calculated on a
365-day year payable in arrears - e.g. the March 1st payment
pays February’s interest).
The seller made their March 1st payment
• Rents: rent for current tenants to be adjusted at closing. All
but three tenants paid their
monthly rent for March on 3-1-2015. The remaining three
tenants were paid up through
February but are past due for their March 1st rent payment.
Buyer and seller agree that
buyer assumes all responsibility on day of closing for past and
future rent, including
collection activity and associated proceeds.
• Security Deposits: to be transferred to buyer at closing
• Expenses: each party pays its own attorney fees.
o Seller Expenses:
▪ Survey: ALTA survey to be provided by seller ($5,000)
▪ Deed stamps/transfer tax ($6 per $1,000)
▪ Record discharge of existing mortgage ($50)
▪ Record Franchise Tax Search/Cert of Good Standing ($30)
▪ Title Search/Abstracting/Tax Searches ($300)
o Buyer Expenses:
▪ Record deed ($60)
▪ File Survey Map ($10)
THE FINANCING DEAL
Financing:
• BB&T: BB&T Bank is providing $3,000,000 in first mortgage
financing at an interest
rate of 4.25% with the first payment due on May 1, 2015. The
payment on 5-1-2015 will
pay the interest for the coming month (simple interest
calculated on a 365-day year
payable in advance - e.g. the May 1st payment pays May’s
interest), and the loan will
begin amortizing from that first payment date. Interest will be
• Security Deposits: to be transferred to buyer at closing
• Expenses: each party pays its own attorney fees.
o Seller Expenses:
▪ Survey: ALTA survey to be provided by seller ($5,000)
▪ Deed stamps/transfer tax ($6 per $1,000)
▪ Record discharge of existing mortgage ($50)
▪ Record Franchise Tax Search/Cert of Good Standing ($30)
▪ Title Search/Abstracting/Tax Searches ($300)
o Buyer Expenses:
▪ Record deed ($60)
▪ File Survey Map ($10)
THE FINANCING DEAL
Financing:
• BB&T: BB&T Bank is providing $3,000,000 in first mortgage
financing at an interest
rate of 4.25% with the first payment due on May 1, 2015. The
payment on 5-1-2015 will
pay the interest for the coming month (simple interest
calculated on a 365-day year
payable in advance - e.g. the May 1st payment pays May’s
interest), and the loan will
begin amortizing from that first payment date. Interest will be
due from day of closing
through the first payment date. The lender is also requiring that
the buyer/borrower
establish a $75,000 reserve account due to concerns found with
the existing waste water
1 When property taxes are paid in arrears the taxes for the
current year (eg. 2015) are pro-rated based on the tax rates
and assessments.
Page 3 of 3
treatment facility on the property. Buyer will provide funds to
establish the reserve
account as a part of closing and have it reflected on the
settlement statement.
• Seller financing: The seller is providing an I/O (interest
only) loan of $700,000 at 5%
interest with a balloon payment due at the end of the first year.
The first payment is due
May 1st (simple interest calculated on a 365-day year payable
in advance) with interest
from day of closing to first payment date to be included in the
settlement statement.
through the first payment date. The lender is also requiring that
the buyer/borrower
establish a $75,000 reserve account due to concerns found with
the existing waste water
1 When property taxes are paid in arrears the taxes for the
current year (eg. 2015) are pro-rated based on the tax rates
and assessments.
Page 3 of 3
treatment facility on the property. Buyer will provide funds to
establish the reserve
account as a part of closing and have it reflected on the
settlement statement.
• Seller financing: The seller is providing an I/O (interest
only) loan of $700,000 at 5%
interest with a balloon payment due at the end of the first year.
The first payment is due
May 1st (simple interest calculated on a 365-day year payable
in advance) with interest
from day of closing to first payment date to be included in the
settlement statement.
• Borrower Expenses:
o Record Mortgage ($50)
o Mortgage Tax ($5 per $1000) (there is no tax due on the
seller-financed portion).
o Title Insurance at State-mandated regulated rates of $3 per
$1000: Owner’s policy
to include market value rider ($200) and Lender’s Policy to
include the following
2 endorsements. (Buyer has elected to decline owner’s
coverage). Title insurance
will include the following endorsement requirements:
▪ Adjustable Rate Mortgage Endorsement ($100)
▪ Environmental Protection Lien Endorsement ($50)
o Appraisal Fee to Upstate Appraisers: ($6,000)
o Flood certification: ($35)
o Property Insurance to Burns Fire & Casualty: $2,500 annual
premium
▪ (already paid by buyer prior to closing).
o Phase 1 Environmental Audit to GeoSludge: ($1,500)
▪ (already paid by buyer prior to closing).
o Origination fee to BB&T Bank: ($15,000)
o Lender’s Settlement fee to Marcus & Blarney, LLP: ($1,500)
o No escrow account for taxes/insurance to be established at
this time
o Record Mortgage ($50)
o Mortgage Tax ($5 per $1000) (there is no tax due on the
seller-financed portion).
o Title Insurance at State-mandated regulated rates of $3 per
$1000: Owner’s policy
to include market value rider ($200) and Lender’s Policy to
include the following
2 endorsements. (Buyer has elected to decline owner’s
coverage). Title insurance
will include the following endorsement requirements:
▪ Adjustable Rate Mortgage Endorsement ($100)
▪ Environmental Protection Lien Endorsement ($50)
o Appraisal Fee to Upstate Appraisers: ($6,000)
o Flood certification: ($35)
o Property Insurance to Burns Fire & Casualty: $2,500 annual
premium
▪ (already paid by buyer prior to closing).
o Phase 1 Environmental Audit to GeoSludge: ($1,500)
▪ (already paid by buyer prior to closing).
o Origination fee to BB&T Bank: ($15,000)
o Lender’s Settlement fee to Marcus & Blarney, LLP: ($1,500)
o No escrow account for taxes/insurance to be established at
this time
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